Updates
The latest news and advocacy information for industrial bankers.
Executive Order on New Standards for AI Safety and Security
On Monday, October 30, President Joe Biden issued an Executive Order on the Safe, Secure, and Trustworthy Development and Use of Artificial Intelligence (AI). Along with issuing the Executive Order, President Biden spoke to industry leaders, members of Congress, and members of his Cabinet to highlight the five pillars of this Executive Order (EO).
Speaker of the House Mike Johnson (R-LA)
On Wednesday, Republican members of the House of Representatives voted unanimously to elect Rep. Mike Johnson (R-LA) Speaker of the House.
A House without a Speaker
Without a Speaker, the House of Representatives can’t really do anything but keep trying to elect a speaker. The Republican Conference voted first to nominate House Majority Leader Steve Scalise (R-LA), but Scalise withdrew his candidacy when it became clear he wouldn’t be able to get a majority of votes on the House floor.
Special Edition of The Golden Apple -- Disorder in the House
As you’ve probably already heard, the House of Representatives made history this afternoon by voting 216-210 to declare the office of Speaker of the House of Representatives vacant.
Dianne Feinstein, 1933-2023
Our workday started with the news that Senator Dianne Feinstein (D-CA) died last night at her home in Washington, D.C. The first woman elected to the Senate from California, Feinstein spent her life in public service, rising from a seat as a San Francisco County Supervisor to become Mayor of San Francisco.
Counting down to shutdown
Although Speaker of the House Kevin McCarthy (R-CA) said he would keep the House in session until they agreed on legislation to keep the government open beyond September 30, the House left town yesterday and will not return until Tuesday.
House Republicans, industry groups square off against financial regulators
Two House Financial Services Subcommittee hearings scheduled for this week reflect Republican members’ sense that the federal financial regulators are trying to do too much, too fast.
. . . And we’re out
At least Congress is out, until after Labor Day. The last week has been hectic. Here’s where we are, after three frenzied weeks:
Recess was nice while it lasted
The DC office is unusually crowded for a Friday afternoon in July as we prepare for the three weeks between now and the August recess.
Things will start with a bang on Monday morning, when Federal Reserve Board Vice Chair for Supervision Michael Barr is expected to unveil the Fed’s proposal for new capital requirements, specifically targeting the largest banks.
The halftime report
No, it’s not a game, and we’re actually a little past the halfway mark of the first session of the 118th Congress, but as our federal legislature leaves for a two-week break, we’re catching our breath and figuring out just where we are.
House panel to vote on digital asset framework in July, says McCarthy
House Financial Services Committee Chairman Patrick McHenry (R-NC) and House Agriculture Committee Chairman Glenn “GT” Thompson released a joint discussion draft of a statutory framework for digital assets earlier this month.
What’s next?
Now that the President has signed the bipartisan budget agreement, Congress can turn to other pressing business.
We need another hero after all
The icons of our fierce and optimistic youth need to stop leaving the stage. News reports say Tina Turner, who began as Anna Mae Bullock but became the Acid Queen, the Private Dancer, the queen of rock and roll — died on Wednesday at the age of 83. How is that possible? Immortals don’t die.
X-date: still on or around June 1
Whatever happens, it won’t be a federal holiday. June 1 is still the date past which Secretary of the Treasury Janet Yellen may no longer be able to juggle the accounts in order to pay the government’s obligations.
Debt ceiling countdown
A week closer to June 1 — the possible X-date past which the US Treasury will no longer be able to meet its obligations in full — are negotiators closer to a deal to raise the debt ceiling? Maybe.
26 days and counting
Closer to 25, actually, once you get this. That may be all the time Congress has to raise the federal debt limit before the U.S. starts to default on its obligations, according to a letter Secretary of the Treasury Janet Yellen sent to Congressional leadership on Monday.
Remember the debt ceiling?
That thing we hit a couple of months ago, and will blow through for real without Congressional action in the immediate future?
World Bank and IMF’s Spring Meetings
Congress was out of town this week, but the streets of DC were full of limousines and Town Cars carrying participants in the World Bank and IMF’s Spring Meetings.
Don’t you just hate a slow news week?
Several things happened this week that we are unqualified to comment upon, so we’ll just say we are glad Congress is out of town for the next two weeks. We trust nothing newsworthy will happen between now and April 17.
Hey, got six million bucks we can borrow?
A Swiss auction house is accepting bids for a complete Tyrannosaurus Rex skeleton, starting at a mere 5,000,000 Swiss francs (just under $5.5 million USD). We probably don’t have room for it in the GrayRobinson DC office, but our building has a great roof terrace.